Case Brief
On June 25, 2005, the Reserve Bank of India cancelled the certificate of registration of Rose Securities Ltd., Kolkatta, for carrying on the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business. RBI also prohibited the company from accepting deposits and from alienating its assets, while noting that public deposits must still be repaid as per the contractual terms. The action was taken under Section 45-IA of the RBI Act, 1934, and the related prohibitions under Section 45-MB.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkatta
- Order Date